Section 450-A. Designation of low income credit union

1. A credit union
  organized under this article may be designated as a  low  income  credit
  union as defined in subdivision five of this section.
    2.  A  credit  union,  including a credit union in formation, may make
  written application to the superintendent to  be  designated  as  a  low
  income   credit   union.   If   the  superintendent  shall  find,  after
  investigation, that such credit union meets  the  definition  of  a  low
  income  credit  union,  as  set  forth  in this section, he or she shall
  approve such designation.
    3. Notwithstanding any other provision of this article, a  low  income
  credit  union  may  issue shares, share drafts and share certificates to
  nonmembers  who  or  which  may  be   natural   persons,   corporations,
  partnerships or other legal entities.
    4.  Except as provided in this section, all provisions of this chapter
  shall be applicable to low income credit unions.
    5. As used in this section, the term "low income credit  union"  shall
  mean  a  credit  union in which a majority of the members: (a) make less
  than eighty percent of the average for all wage earners  as  established
  by  the  bureau  of  labor statistics of the United States department of
  labor or have annual household incomes that  fall  at  or  below  eighty
  percent  of the median household income for the nation as established by
  the United States census bureau;  or  (b)  are  residents  of  a  public
  housing project who qualify for such residency because of low income; or
  (c)  qualify to receive benefits from any program designed to assist the
  economically disadvantaged. The banking board may promulgate regulations
  appropriate to the formation and operation of low income credit unions.
    6. A credit union's designation as a low income credit  union  may  be
  removed   by   the  superintendent  if  he  or  she  shall  find,  after
  investigation, that such credit union no longer meets the definition  of
  a low income credit union as set forth in this section. Upon such a loss
  of  designation,  such  credit  union  shall  no longer be authorized to
  exercise the powers set forth in this section but shall  remain  subject
  to  all  of  the  other  provisions of this chapter applicable to credit
  unions generally.